Are you planning a trip to Morocco? Knowing about the local currency and how to manage your money is key. This guide will cover everything from the Moroccan dirham to tips for keeping your money safe. We’ll talk about exchange rates, where to exchange money, and using credit cards and ATMs.
Whether you’re exchanging currency, making payments, or dealing with restrictions, we’ve got you covered. This article is packed with insider tips and practical advice. You’ll be ready to enjoy Morocco’s vibrant culture and unique experiences, knowing how to handle your money.
The Official Currency of Morocco
Morocco’s official currency is the Moroccan dirham (MAD). It is divided into 100 centimes. The Bank Al-Maghrib, Morocco’s central bank, issues it. The symbol for the dirham is “د.م.”
The current exchange rate is about 1 Euro = 10.82 MAD.
Overview of the Moroccan Dirham (MAD)
The Moroccan dirham was brought back in 1960. Morocco became a French state in 1921. The currency has coins and banknotes in different values.
Exchange Rates and Currency Symbols
The Moroccan dirham is a closed currency. You can’t buy or sell it outside Morocco. To exchange your money, visit banks, hotels, or currency exchange offices at airports or ports.
Scottish, Gibraltar, or Northern Irish pound notes might be hard to exchange.
The current exchange rate is about 1 Euro = 10.82 MAD. This means your money will go far in Morocco. Prices in shops and restaurants are much cheaper than in the UK.
Where to Exchange Money in Morocco
When you travel to Morocco, you’ll need to exchange your money for the local currency, the Moroccan dirham (MAD). This is necessary for buying things and covering your expenses. Luckily, there are many places where you can exchange your money in Morocco.
Banks and Exchange Offices
The best places to exchange currency in Morocco are banks and currency exchange offices. You can find them in big cities and tourist spots. They usually give the best rates and don’t charge extra fees. It’s smart to compare rates before you exchange your money.
Currency Exchange at Airports and Hotels
There are also currency exchange counters at Morocco’s airports and hotels. But, they often have worse rates and might charge extra fees. It’s better to avoid these places and exchange your money at a bank or exchange office instead.
You can also get Moroccan dirhams before you leave. Your bank at home or the airport can help you with this. This way, you’ll have the local currency ready when you arrive in Morocco.
Using Credit Cards and ATMs in Morocco
Traveling in Morocco can be easier with credit and debit cards. ATMs, or “guichets automatiques,” are common in big cities and tourist spots. They let you get Moroccan dirhams (MAD) easily.
Availability of ATMs in Major Cities and Tourist Areas
ATMs are easy to find in Morocco’s cities and tourist places. But, finding them in rural areas can be tough. Always carry enough cash, mainly if you’re exploring remote places.
Credit Card Usage in Morocco: What You Need to Know
Credit cards like Visa and Mastercard are accepted in Morocco. They work well in big cities and tourist areas. But, small shops might charge up to 5% extra for card payments.
Always choose to be charged in Moroccan dirhams when using ATMs or cards. This avoids bad exchange rates and fees. Also, tell your bank or card company about your trip to avoid problems.
Wise (formerly TransferWise) is a cheaper way to get money instead of ATMs. It offers good exchange rates and clear fees. This can save you money compared to regular ATM withdrawals in Morocco.
Tipping and Cash Payments in Morocco
In Morocco, most people use cash for their transactions, with about 90% of them using Moroccan dirhams (MAD). While credit and debit cards are accepted in tourist spots, it’s wise to carry cash for small buys. This helps avoid extra fees on card payments.
Local Tipping Practices
Tipping is common in Morocco. For cafe waiters, 1-2 dirhams is standard. In restaurants, tip around 10% of the bill, but 15-20% for great service.
For hotel staff, tour guides, and taxi drivers, a tip is expected and appreciated. It shows you value their service.
- Restaurants: Around 10% of the bill, up to 15-20% for exceptional service
- Bars and Cafes: 1-2 dirhams for a 10 MAD drink, 10-15 MAD for a 100 MAD meal
- Hotels: 10-20% for housekeeping, porters, concierge, and valets
- Taxis: 10% for longer journeys, round up for shorter trips
- Tour Guides: 10% of the tour price
- Massages: 10-15% of the treatment price
It’s best to tip in Moroccan dirhams to avoid high exchange fees. Also, check if a service charge is already added to your bill before tipping.
Cash Payments vs. Card Payments in Everyday Transactions
While cards are getting more accepted, cash is still the main way to pay in Morocco. Bargaining is common, and cash can often get you a better deal. Vendors might charge more for card payments to cover fees.
To save money, carry a mix of cash and a travel money card like Wise. This way, you can enjoy free ATM withdrawals and good exchange rates. Knowing about local tipping and having small cash amounts will make your payments smooth and easy.
Managing Your Money Safely in Morocco
Keeping your money safe is key when traveling in Morocco. To protect your finances, follow some important steps. These include how to handle cash and cards safely.
Security Tips for Handling Cash and Cards
When using cash in Morocco, keep it discreet. Avoid showing off big amounts. Use ATMs in banks or trusted places, as they are safer than standalone ones.
Be cautious of places offering too-good-to-be-true exchange rates. These might be scams targeting tourists.
- Always get a receipt when exchanging money to track the deal.
- Know the current exchange rates to avoid being overcharged.
- Copy your credit and debit cards and tell your bank you’re traveling to Morocco. This prevents card issues.
Avoiding Exchange Rate Scams and Fraud
Exchange rate scams are common in Morocco. Scammers might offer great rates but cheat you or give fake money. Stay alert when exchanging money and demand a clear deal.
- Check exchange rates at different places to get a fair deal.
- Check any bills you get to make sure they’re real Moroccan dirhams.
- Don’t exchange money with street vendors or shady places.
By following these tips, you can keep your money safe. This way, you’ll have a worry-free trip in Morocco.
Currency Restrictions and Import/Export Limits
Traveling to Morocco means knowing about currency rules. The Moroccan dirham (MAD) is the main currency. There are rules for how much you can bring in and take out.
Bringing Money into Morocco: Rules and Limits
You can bring up to 2,000 dirhams into Morocco without declaring it. But, if you have more, you must declare it. This rule helps stop illegal money from coming in.
Exporting Moroccan Dirhams: What’s Allowed
When leaving Morocco, you can take up to 2,000 dirhams without needing papers. But, if you have more, you’ll need to show proof of how you got it. This is because the dirham can’t be easily bought or sold outside Morocco.
Remember, any dirhams left should be exchanged before you leave. This way, you won’t have trouble converting them later. Following these rules makes your trip to Morocco easier.
Frequently Asked Questions (FAQs)
Exploring Morocco’s currency and money can raise many questions. We’ve gathered answers to the most common ones to help you.
What is the official currency of Morocco?
The official currency in Morocco is the Moroccan Dirham (MAD). It’s split into 100 centimes and used for all transactions in the country.
Can I use US dollars or euros in Morocco?
You can exchange US dollars or euros for dirhams, but it’s best not to use them for daily purchases. Most places only accept the Moroccan dirham.
Where can I exchange money in Morocco?
- Banks: Banks in Morocco offer currency exchange with good rates.
- Currency exchange offices: You’ll find these in big cities and tourist spots, offering easy exchange options.
- Hotels: Hotels also exchange money, but the rates might not be as good as at banks or exchange offices.
Can I use my credit or debit card in Morocco?
Credit and debit cards are accepted in Morocco, mainly in big cities and tourist areas. Tell your card issuer you’re traveling to avoid any issues.
Are there any restrictions on bringing or taking out Moroccan currency?
There are limits on how much dirham you can bring in or take out. Knowing these rules helps avoid trouble at customs.
Understanding Morocco’s currency and money FAQs prepares you for a smooth trip. Keep these tips in mind for a great Moroccan experience.
Conclusion
Understanding the Moroccan dirham is key for a great trip to Morocco. This guide covers exchanging currency, using ATMs, and more. It helps you handle your money well, so you can enjoy Morocco’s culture and sights.
Traveling in Morocco might seem hard at first. But, this guide makes it easy. You’ll learn about exchange rates, ATMs, and tipping. This way, you can manage your money without worries.
With this guide, you can dive into Morocco’s culture and beauty. You’ll know how to spend your money wisely. So, you can make the most of your trip and create lasting memories.
FAQ
What is the official currency of Morocco?
The official currency of Morocco is the Moroccan dirham (MAD). It’s divided into 100 centimes. The Bank Al-Maghrib, Morocco’s central bank, issues it.
What are the current exchange rates for the Moroccan dirham?
Right now, 1 Euro is about equal to 10.82 MAD.
Where can I exchange my home currency for Moroccan dirhams?
You can exchange your money at banks and currency exchange offices in big cities and tourist spots. These places usually give the best rates and don’t charge extra fees. Try to avoid exchanging at airports or hotels, as they often have worse rates and extra fees.
Can I use credit and debit cards in Morocco?
Yes, credit and debit cards are widely accepted in Morocco, mainly in big cities and tourist areas. ATMs are everywhere, making it easy to get your money. Always choose to be charged in Moroccan dirhams at ATMs to avoid bad exchange rates and fees.
What is the predominant method of payment in Morocco?
Cash is the main way people pay in Morocco, with about 90% of transactions in Moroccan dirhams. While cards are accepted in tourist spots, it’s wise to carry cash for small buys and to dodge extra card fees.
What are the currency restrictions and limits for traveling to Morocco?
You can bring up to 2,000 dirhams without declaring it. But, if you have more, you must declare it. When leaving, you can take up to 2,000 dirhams without proof. But, if you have more, you’ll need to show exchange receipts or proof of purchase.